Hotel groups such as Hilton and Marriottare planningto openmanyhigh-end hotels in the suburbs of Shanghai. 19 mid-to-high-end hotels are expected to be added this year, with 5,644 rooms expected to be added, with ultra-high-end hotels accounting for about 50%of those.

During the Spring Festival holiday in 2021, Shanghai received 4,921,600 tourists,achieving5.665 billion yuan in tourism revenue, an 86% recovery from 2019."Under the post-epidemic new normal, people tend to choose short-distance travel, and hotel investors will also target the suburbs to make corresponding strategic layouts based on the new needs and preferences of consumers,"saidChen Lingwei, vice president of trade forJones Lang LaSalle Greater China Hotel Investment.

In 2020, the total transaction volume of Shanghai hotels and serviced apartmentswas5.6 billion yuan, ranking first in the countryand accounting for 75% of the country's total hotel investment. As of February 2021, the occupancy rate of serviced apartments was 64%, an increase of 27.8% over the same period last year.